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DOJ Sentences Hacker for SEC X Breach and Bitcoin ETF Hoax

The U.S. Department of Justice (DOJ) announced on May 16 that a resident of Huntsville, Alabama, has been sentenced to over a year behind bars for his involvement in a cyber intrusion targeting the Securities and Exchange Commission’s (SEC) social media presence. Eric Council Jr., 26, received a 14-month prison sentence followed by three years of supervised release after pleading conspiracy charges related to identity theft and access device fraud. Authorities say Council’s actions led to a momentary but significant spike in the price of bitcoin by exploiting the SEC’s platform to spread false financial information.

According to the DOJ, Council executed a SIM-swapping operation to hijack a victim’s cellular service, which enabled him and his co-conspirators to gain access to the SEC’s official account on social media platform X. Using that access, the group published a fake post announcing the approval of bitcoin exchange-traded funds (ETFs)—a long-anticipated development among investors. The announcement had immediate consequences on the cryptocurrency market, the DOJ described: